A new federal tax shelter could kickstart a wave of investment in Pittsburgh and Pennsylvania. At a forum hosted by the Hill Community Development Corporation last Friday, opportunity zones were hailed as catalytic, transformative and lucrative.
The opportunity zone designation was created by the Federal Tax Cut and Jobs Act of 2017. In 2018, governors of each state nominated low- to moderate-income census tracts for approval by the U.S. Secretary of the Treasury. People who invest capital gains in one of the more than 8,000 opportunity zones across the country could pay zero taxes on what that money earns — if they leave it alone for 10 years.